Financial and Managerial Accounting (Looseleaf) (Custom Package)
Financial and Managerial Accounting (Looseleaf) (Custom Package)
6th Edition
ISBN: 9781259754883
Author: Wild
Publisher: MCG
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Chapter 14, Problem 12E
To determine

Cost of goods manufactured:

Cost of the goods manufactured is the cost that has been allocated to the materials or processes that are completed or still in process to be completed.

Overhead:

Overheads are the cost and the expenses a company incurs of the production of a particular goods or services which are not directly related to the production. It does not include labor and direct material.

To identify: The statements and prepare the schedule of cost of goods manufactured.

Expert Solution & Answer
Check Mark

Explanation of Solution

Account

Balance sheet

Income statement

Schedule of cost of goods

Overhead report

Accounts receivable

Computer supplies used

Beginning finished goods inventory

Beginning work in process inventory

Cash

Depreciation expense – Factory building

Depreciation expense – office building

Direct labor

Ending work in process inventory

Ending raw materials inventory

Factory maintenance wages

Income taxes

Insurance on factory building

Property taxes on factory building

Raw material purchases

Sales

Table (1)

Computation of schedule of cost of goods manufactured and cost of goods sold,

Company Schedule for cost of goods manufactured for the year ended on
Particulars Cost ($)
Direct Materials Cost
Beginning raw material inventory
Add: Raw material purchases
Raw materials available for use
Less: Ending raw materials inventory
Total direct materials used (A)
Direct labor (B)
Factory overhead
Add:
Rental cost on factory equipment
Factory utilities
Factory supplies used
Indirect labor
Repairs
Total factory overhead (C)
Total manufacturing cost ( A+B+C )
Add: Beginning goods in process inventory
Total cost of goods in process
Less: Ending goods in process inventory
Cost of goods manufactured
Add: Beginning finished goods inventory
Goods available for sale
Less: Ending finished goods inventory
Cost of goods sold
Table (1)

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Chapter 14 Solutions

Financial and Managerial Accounting (Looseleaf) (Custom Package)

Ch. 14 - Prob. 6DQCh. 14 - What product cost is both a prime cost and a...Ch. 14 - Prob. 8DQCh. 14 - Prob. 9DQCh. 14 - Prob. 10DQCh. 14 - Prob. 11DQCh. 14 - Prob. 12DQCh. 14 - Prob. 13DQCh. 14 - Prob. 14DQCh. 14 - Prob. 15DQCh. 14 - Prob. 16DQCh. 14 - Prob. 17DQCh. 14 - What are the three categories of manufacturing...Ch. 14 - List several examples of factory overhead.Ch. 14 - Prob. 20DQCh. 14 - Prob. 21DQCh. 14 - Prob. 22DQCh. 14 - Prob. 23DQCh. 14 - Prob. 24DQCh. 14 - Prob. 25DQCh. 14 - Prob. 1QSCh. 14 - Prob. 2QSCh. 14 - QS 14-4 Direct and indirect costs C2 Diez Company...Ch. 14 - Classifying product costs C2 Identify each of the...Ch. 14 - QS 14-6 Product and period costs C3 Identify each...Ch. 14 - Prob. 6QSCh. 14 - Prob. 7QSCh. 14 - Prob. 8QSCh. 14 - Prob. 9QSCh. 14 - Prob. 10QSCh. 14 - Prob. 11QSCh. 14 - Prob. 12QSCh. 14 - Prob. 13QSCh. 14 - Prob. 14QSCh. 14 - Exercise 14-1 Sources of accounting information C1...Ch. 14 - Prob. 2ECh. 14 - Exercise 14-3 Cost classifications for a service...Ch. 14 - Exercise 14-4 Cost classifications for a service...Ch. 14 - Prob. 5ECh. 14 - Prob. 6ECh. 14 - Prob. 7ECh. 14 - Prob. 8ECh. 14 - Prob. 9ECh. 14 - Prob. 10ECh. 14 - Prob. 11ECh. 14 - Prob. 12ECh. 14 - Prob. 13ECh. 14 - Prob. 14ECh. 14 - Prob. 15ECh. 14 - Prob. 16ECh. 14 - Exercise 14-17 Lean business practice C6 Many...Ch. 14 - Prob. 1PSACh. 14 - Prob. 2PSACh. 14 - Prob. 3PSACh. 14 - Prob. 4PSACh. 14 - Prob. 5PSACh. 14 - Prob. 1PSBCh. 14 - Prob. 2PSBCh. 14 - Prob. 3PSBCh. 14 - Prob. 4PSBCh. 14 - Prob. 5PSBCh. 14 - Prob. 14SPCh. 14 - Prob. 1BTNCh. 14 - Prob. 2BTNCh. 14 - Prob. 3BTNCh. 14 - Prob. 4BTNCh. 14 - Prob. 5BTNCh. 14 - Prob. 6BTNCh. 14 - Prob. 7BTNCh. 14 - Prob. 8BTNCh. 14 - Prob. 9BTN
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